Stifel maintains its Buy rating on Dassault Aviation shares, with an unchanged target price of 240 euros.

Following last night's results, the analyst believes that 'the French aircraft manufacturer's results for the first half of 2023 may appear disappointing'.

He points out that the company took few orders, delivered very few aircraft, recorded a 26% drop in sales and consumed almost €2 billion in cash.

"In reality, these figures reflect the ramp-up in production and are, in our view, the prelude to sales taking off. Order intake should rebound strongly in the second half of the year, taking the order backlog to 8 years' sales", says Stifel.

Against this backdrop, the broker expects EPS to rise. We estimate that by the end of the year, the order book should total more than 230 Rafales and almost 90 Falcon jets", concludes the research firm.


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